Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

Auction Winner Not Found

Documents that the Federal Anti-Monopoly Service mailed to the address provided by Prana during registration for the May 13 auction were sent back, as no firm by that name actually existed there, Interfax said Tuesday.

The service has extended its investigation of the company through August 2, it said.

Prana more than quadrupled the starting price of the lot. It competed against Rosneft for the assets, which also included a trading company that former Yukos officials say holds up to $3 billion in cash. (MT)

Smaller Transneft Dividend

Transneft intends to decrease its dividend for the third year in a row, to 822 million rubles ($31.8 million), as it builds an oil pipeline across Siberia, Vedomosti said Tuesday, citing an unidentified government official.

Owners of preferred shares would get 350 million rubles for last year, about 25 percent less than for 2005, while the state would get 472 million rubles, or 45 percent less. (Bloomberg)

New Metalloinvest Plant

Billionaire Alisher Usmanov's Metalloinvest plans to start construction on a new steel plant this year, Maxim Basov, CEO of Gazmetall, Metalloinvest's parent company, said Tuesday.

The plant will produce 3 million tons of sheet steel per year and be built near Metalloinvest's existing Oskolsky plant, Basov said. Metalloinvest expects iron-ore consumption to increase more than 4 percent per year through 2009 and to fall after that, he said. (Bloomberg)

Severstal Plant Ups Output

Severstal may double the capacity at its joint plant with SteelCorr of the United States to 3 million tons by 2010, Interfax said Tuesday, citing Andrei Laptev, the company's head of strategy.

The plant, operated by a venture between Severstal and SteelCorr, will begin production in the fall, with a capacity of 1.5 million tons of flat steel roll, Laptev said.

Severstal will invest $7 billion in production from 2007 to 2010, Laptev said. (Bloomberg)

Gazprom Sells to Turkey

Gazprom signed a contract to sell fuel directly to Turkish customers after the market was opened up to competition, the company said in a statement Tuesday after its export arm signed the contract in Ankara.

Gazprom will sell 750 million cubic meters of gas per year to Bosphorus Gas Corporation until 2021, the company said. (Bloomberg)

FDI to Reach $30Bln in '07

Foreign direct investment will reach a record of at least $30 billion this year and rise by about half over the next three years, Interfax reported Tuesday, citing Finance Minister Alexei Kudrin.

FDI will probably reach $44 billion in 2010, the news service cited Kudrin as saying Tuesday. (Bloomberg)

Aeroflot Gets $1.2Bln Credit

Aeroflot said it had received preliminary approval from a group of foreign banks to borrow as much as 900 million euros ($1.21 billion) to help finance its bid for Italy's Alitalia, Valery Okulov, CEO of the Russian carrier, said Tuesday.

Aeroflot's loan conditions will be finalized in two weeks, Okulov said. The banks were not identified. (Bloomberg)

No Green Card Plans

The Federal Migration Service has no plans to introduce a green card system along U.S. lines, the service's deputy head, Vyacheslav Postavnin, said at a news conference Tuesday.

"We are not rejecting the [U.S.] experience, but we believe that the use of such documents will only be required once Russian salaries are able to compete with the West," he said. (MT)

For the Record

Sales of foreign car brands in Russia rose in April by 69 percent year on year to 136,117 units, the Association of European Businesses in the Russian Federation said Tuesday. (Reuters)

VSMPO-Avisma's board recommended a 2006 dividend of 50.83 rubles per share after profits rose 87 percent, the firm said Tuesday. (Reuters)

Gazprom Neft, the oil arm of Gazprom, will recommend paying 38.3 billion rubles ($1.5 billion) in dividends for 2006, the company said Tuesday. (Bloomberg)

Toyota, Japan's largest automaker, will produce 16,000 Camry sedans at the company's first Russian factory next year, RIA-Novosti reported Tuesday, citing the leader of the project. (Bloomberg)

Coal and steel producer Mechel won control of Siberia's largest power retailer after buying 49 percent of its shares in an auction for $44 million, the company said in a statement Tuesday. (Bloomberg)